After thorough deliberations, the International Monetary Fund (IMF) approved $ 3 billion loan for Pakistan on Wednesday.
The global lender said that the programme would focus on the “implementation of the FY24 budget to facilitate Pakistan’s needed fiscal adjustment and ensure debt sustainability”.
The approval allows for an immediate disbursement of $1.2 billion. “The remaining amount will be phased over the programme’s duration, subject to two quarterly reviews,” it added.
Last month, the IMF had reached a staff-level pact with Pakistan on a $3 billion Standby Arrangement, a decision long awaited by the country, which is teetering on the brink of default.
More to follow